Radiologists buy back control of practice from private equity platform
Radiologists have bought back control of their practice from a private equity-backed imaging group.
Jones Radiology had been part of fellow Australian company I-Med Radiology Network for over 25 years. The group reportedly had received unsolicited inquiries from companies interested in acquiring Jones Radiology, which employs over 60 physicians working across 28 clinics.
However, radiologists have instead opted to buy back the 49% stake from I-Med Radiology, which recently entered the U.S. by acquiring San Diego-based StatRad, the country’s second largest teleradiology provider. The move comes as Jones Radiology celebrates its 100th year of existence.
“The ownership change is a tremendous vote of confidence in our people and the care we provide our patients,” Jones Radiology Chair and Managing Partner Dr. Mitchell Raeside said in a statement. “As a 100% doctor owned practice, that innovation will continue and we will have more opportunities to develop and evolve the practice to better support our patients, our team and communities we serve.”
Permira-backed I-Med—which operates 200 clinics and employs 450-plus physicians, performing 7 million procedures per year—also announced news of the divestiture. It said the sale reflects the company’s current focus on “investments that deliver benefits of scale to patients, referrers and its people.”
“Our current strategy is to prioritize investment in our wholly owned clinic network and teleradiology services,” CEO Dr. Shrey Viranna said in a separate statement. “This ensures full alignment with our commitment to delivering outstanding patient outcomes through continued expansion of clinics, enhanced service offerings, and the adoption of innovative technology and equipment.”
The Australian reported news of the buyout on Wednesday, noting Jones Radiology had successfully defended itself against a possible private equity takeover.
Marty Stempniak has covered healthcare since 2012, with his byline appearing in the American Hospital Association's member magazine, Modern Healthcare and McKnight's. Prior to that, he wrote about village government and local business for his hometown newspaper in Oak Park, Illinois. He won a Peter Lisagor and Gold EXCEL awards in 2017 for his coverage of the opioid epidemic.